Crude Breaks Out

By DailyFx | Updated July 30, 2014 AAA

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Crude Breaks Out

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“Since February, crude has been trading in what appears to be a triangle pattern. This dip may be the final leg of the triangle although I was looking for support closer to 101.25. That could still be reached but today’s reversal at the top side of former trendline resistance (which has seen 2 false breaks) is constructive.” The market never traded lower and crude has now broken out. Look towards 109.53 as long as price is above 104.34.

LEVELS: 103.65 104.49 105.19 | 106.41 107.72 109.53

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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